Europe with a relatively high pension replacement rate. Pre-funding can take place within the public sector or in a …

This paper analyses the effects of a pension system privatization in a unionized economy. Using an overlapping … state may result in lower levels of employment and capital stock. In this case even if the privatization increases the … employment then a Paretoimproving pension privatization scheme can be constructed. …

This paper analyses the effects of a pension system privatization in a unionized economy. Using an overlapping … state may result in lower levels of employment and capital stock. In this case even if the privatization increases the … employment then a Pareto-improving pension privatization scheme can be constructed. …